The Florida Senate

¹193.017  Low-income housing tax credit.--Property used for affordable housing which has received a low-income housing tax credit from the Florida Housing Finance Corporation, as authorized by s. 420.5099, shall be assessed under s. 193.011 and, consistent with s. 420.5099(5) and (6), pursuant to this section.

(1)  The tax credits granted and the financing generated by the tax credits may not be considered as income to the property.

(2)  The actual rental income from rent-restricted units in such a property shall be recognized by the property appraiser.

(3)  Any costs paid for by tax credits and costs paid for by additional financing proceeds received under chapter 420 may not be included in the valuation of the property.

(4)  If an extended low-income housing agreement is filed in the official public records of the county in which the property is located, the agreement, and any recorded amendment or supplement thereto, shall be considered a land-use regulation and a limitation on the highest and best use of the property during the term of the agreement, amendment, or supplement.

History.--s. 6, ch. 2004-349; s. 19, ch. 2007-321.

¹Note.--Section 34, ch. 2007-321, provides that "[e]xcept as otherwise expressly provided in this act, this act and section 33 of this act shall take effect [June 21, 2007], sections 13 through 32 of this act shall take effect only upon the effective date of amendments to the State Constitution contained in Senate Joint Resolution 4B or House Joint Resolution 3B revising the homestead tax exemption and providing an exemption from ad valorem taxation for tangible personal property and property used for workforce and affordable rental housing, and sections 13 through 32 of this act shall apply retroactively to the 2008 tax roll if the amendments to the State Constitution contained in Senate Joint Resolution 4B or House Joint Resolution 3B are approved in a special election held on January 29, 2008, or shall apply to the 2009 tax roll if the amendments to the State Constitution contained in Senate Joint Resolution 4B or House Joint Resolution 3B are approved in the general election held in November of 2008." If the contingency occurs, s. 193.017, as amended by s. 19, ch. 2007-321, will read:

193.017  Assessment of structural improvements on land owned by a community land trust and used to provide affordable housing.--

(1)  As used in this section, the term "community land trust" means a nonprofit entity that is qualified as charitable under s. 501(c)(3) of the Internal Revenue Code and has as one of its purposes the acquisition of land to be held in perpetuity for the primary purpose of providing affordable homeownership.

(2)  A community land trust may convey structural improvements located on specific parcels of such land which are identified by a legal description contained in and subject to a ground lease having a term of at least 99 years to natural persons or families who meet the extremely-low, very-low, low, and moderate income limits, as specified in s. 420.0004, or the income limits for workforce housing, as defined in s. 420.5095(3). A community land trust shall retain a preemptive option to purchase any structural improvements on the land at a price determined by a formula specified in the ground lease which is designed to ensure that the structural improvements remain affordable.

(3)  In arriving at just valuation under s. 193.011, a structural improvement that provides affordable housing on land owned by a community land trust and subject to a 99-year or longer ground lease shall be assessed using the following criteria:

(a)  The amount a willing purchaser would pay a willing seller shall be limited to the amount determined by the formula in the ground lease.

(b)  If the ground lease and all amendments and supplements thereto, or a memorandum documenting how such lease and amendments or supplements restrict the price at which the improvements may be sold, is recorded in the official public records of the county in which the leased land is located, the recorded lease and any amendments and supplements, or the recorded memorandum, shall be deemed a land use regulation during the term of the lease as amended or supplemented.